Statute of Limitation on Debt Collection


Statute of Limitations on Debt Collection in Arizona

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Are you currently in debt? Are you getting tired of your phone ringing of the hook? Well, I have some good news and some bad news. The good? There are statues of limitation the limit the duration of time in which a creditor can attempt to sue on an unpaid debt and collect on the awarded judgment. The Bad? Depending on when you incurred the debt, you may be waiting quite a while for you phone to stop ringing.

What’s the Arizona statute of limitation to collect a debt?

When it comes to statues of limitation, not all debts are created equally. The time period in which a creditor can sue to collect on a debt is varies with the nature of the debt. Here are two magic numbers to keep in mind:

6 Years – Written contract (A.R.S. § 12-548)

3 Years – Oral debt or stated or open account (A.R.S. § 12-543).

3 Years – Actions for fraud or mistake (from the date of the discovery of the fraud or mistake)

4 Years – Actions involving fiduciary bonds, out of state instruments and foreign judgments

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Christopher Ariano, Ariano and Associates, PLLC | Attorney Advertising

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